Future Finance
Facebook’s Obstacles in Europe Mount as Germany Opposes Libra
‘We will not allow private companies’ to issue currency, finance minister says
Facebook Libra logo displayed on a smartphone.
Photographer: Rafael Henrique/SOPA Images/LightRocket via Getty Images
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Germany delivered a blow against Facebook’s planned cryptocurrency, expanding Europe’s opposition to the social network’s financial ambitions.
While the development of blockchain technology holds great potential, it should not be used to develop private forms of money, the government in Berlin said after the cabinet approved its new blockchain strategy.